The web3 gaming business is likely one of the few sectors seemingly unaffected by present crypto market situations, with capital persevering with to pool into the house — and a few business gamers say it’s for good purpose.
“The present market atmosphere is humorous,” Robby Yung, CEO of Animoca Manufacturers, mentioned to TechCrunch. “Folks generally tend to couple crypto markets with blockchain video games and content material, however truly it’s solely as acceptable as linking tech shares on Nasdaq with the companies of tech corporations. There’s a sure correlation, but it surely’s tenuous.”
Whereas the crypto business was in free fall over the previous few months, web3 video games remained pretty steady. In Might, over 1.15 million each day distinctive energetic wallets interacted with blockchain video games, down simply 5% from the earlier month, in line with a DappRadar x BGA Video games report.
The variety of energetic customers “has nothing to do with the market,” Yung mentioned. “You may argue it’s countercyclical as a result of as we see in leisure merchandise, there tends to be extra consumption when the financial system shouldn’t be so good as a result of individuals will search out leisure,” he added.
Whereas the way forward for the business was in query amid the bear market of 2018, there was great validation and progress since then, Yung mentioned. “The remainder of the yr will certainly be difficult, however I’m optimistic for the primary quarter of subsequent yr.”